It's been estimated that UK consumers will spend more than ever this Christmas season, meaning the number of personal bankruptcies are likely to skyrocket from January onwards.
Apacs have forecast that British consumers will go past the £53 billion mark in festive splurging this year, reflecting a 4% increase on last year.
Most consumers will more than likely avoid high interest credit cards at all costs, according to one industry expert:
"Whether buying the turkey or stocking fillers, we’re most likely to be using our debit card to pay for them this Christmas, continuing the ongoing trend of pulling out the debit card in preference to our credit cards, cash or cheques"